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Adolfo Dominguez losses narrow by 55% in third quarter

Fashion company Adolfo Dominguez made losses of €3.2m ($3.6m) in the first nine months of the year ended November 2018, down 55% on the same period the prior year, it announced on Friday.

Adolfo DomínguezIn a filing with Spain’s National Securities Market Commission (CNMV), the firm founded by the Galician designer announced that its EBITDA loss improved by 72.8% to a loss of €1.1m ($1.2m), from €4.2m losses a year earlier.

Sales fell by 2.6% in the first nine months of the year and stood at €75.9m ($87.4m), but comparable sales (which exclude new stores or stores that have since closed) grew by 10.7%.

In its core markets and constant currency terms, comparable sales increased by 24.4% in Mexico and 8.1% in Europe.

In Spain, Adolfo Dominguez’s sales growth is four points above the national average for the first eleven months of the year (January to November 2018), according to the latest data published by Acotex.

In the documents filed with CNMV, the fashion company compared its performance with that of 2016, when it overhauled its management team and board of directors. Comparable sales have grown by 26.6%, revenues have jumped 3.8% and EBITDA improved by 87.5%. The company has now 125 stores less than in 2016.

The management and board of directors shake-up took place between July and November 2016.

The firm has currently 396 stores in 23 countries. They are primarily located in Spain, with 193 of the brand’s 207 European boutiques, as well as in North America (139).